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West Cook News

Monday, November 25, 2024

Former state school employee Hlavach paid in $149K to teachers' pension fund, could collect $2.8M in retirement

Money759

Former state school employee Elaine Hlavach, who retired in September 2016, saved $148,841 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Hlavach would collect as much as $2.8 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Hlavach received $58,929 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hlavach will have already received $182,144 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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